Switch to ADA Accessible Theme
Miami Investment Fraud Attorney
305.372.9700
1 SE 3rd Ave # 1200
SunTrust International Center
Miami, Florida 33131

SEC Obtains Asset Freeze Against Miami-Based Investment Adviser

On June 17th, 2021, the Securities and Exchange Commission (SEC) announced that it obtained an asset freeze and filed fraud charges against a Miami-based investment advisor. Charges were filed against:

  • Ramiro Jose Sugrane (CRD#: 1660839);
  • UCB Financial Advisers Inc.; and
  • UCB Financial Services Limited.

The federal securities regulator alleges that Mr. Sugrane engaged in an improper ‘cherry-picking’ of trades, assigning winning trades to his relatives instead of other customers. Here, our Miami financial advisor fraud attorneys discuss the allegations raised by the SEC.

Financial Advisor Misconduct Allegations: Ramiro Jose Sugrane 

Background

The Securities and Exchange Commission filed a complaint against Ramiro Jose Sugrane in the United States District Court for the Southern District of Florida. In the complaint, the SEC alleges that Mr. Sugrane used two investment entities—UCB Financial Advisers Inc. and UCB Financial Services Limited—as part of a ‘cherry-picking’ scheme beginning in the fall of 2015.

Violative Conduct 

Starting in September of 2015, Mr. Sugrane used the two separate UCB investment entities to carry out trades on behalf of more than 100 different investors. Many of these investors were located in Florida, though investors in other states and other countries were impacted as well. In order to place the trades, UCB pooled all investor money into a single account. Using this type of set up, an investment adviser can give all clients the same “average price” when purchasing a large amount of securities. However, in this case, the SEC alleges that Miami investment adviser Ramiro Jose Sugrane was intentionally “cherry-picking” trades for the benefit of two specific clients: Ramiro Sugrañes Hernandes and Thelma Lanzas Sugrañes—an elderly married couple based in Nicaragua.

Both individuals have been named as relief defendants in the complaint. Notably, they are close relatives of Mr. Sugrane. Essentially, the SEC believes that the Miami financial advisor intentionally assigned the “winning” trades to the accounts of his family members. He pushed “losing” trades and less favorable transactions to other clients. The scheme was significant. In total, more than $5 million in winning trades were assigned to the couple. In contrast, the other investors were stuck with more than $4.6 million in losing trades.

Proposed Sanctions 

Beyond getting an emergency asset freeze and an expedited accounting in order to protect investors, the SEC is seeking all appropriate sanctions against Miami investment advisor Ramiro Jose Sugrane. The federal securities industry regulator is seeking:

  • A permanent injunction;
  • Disgorgement of ill-received profits;
  • Payment of prejudgment interests; and
  • Civil financial penalties.

Call Our Miami, FL Financial Advisor Fraud Lawyers for Immediate Legal Help

At ​Carlson & Associates, P.A., our Florida investment fraud attorneys have the professional skills and technical expertise to protect your rights. If you suffered financial losses due to the wrongdoing of an investment advisor, we are more than ready to help. Give us a call today to arrange a fully private review of your legal case. With a law office in Miami, we fight for investor rights in Miami-Dade County, Florida, and communities beyond.

Resources:

sec.gov/litigation/complaints/2021/comp-pr2021-105.pdf

sec.gov/news/press-release/2021-105

  • Super Lawyers
  • AV Preeminent
  • Million Dollar Advocates Forum
  • Judicial Edition 2021
  • Curtis Carlson 25th Anniversary
Location

Office
Location

1 SE 3rd Ave #1200
Suntrust International Center
Miami, Florida 33131

Telephone: 305-372-9700
Fax: 305-372-8265

Connect
With Us

  • Facebook
  • Twitter
  • LinkedIn

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

No content on this site may be reused in any fashion without written permission from www.Carlson-Law.net

MileMark Media - Practice Growth Solutions

© 2015 - 2021 Carlson & Associates, P.A. All rights reserved. This law firm website is managed by MileMark Media.